British specialist re/insurer Beazley has introduced its latest marine cyber insurance plan to fulfil the rapidly changing requirements of vessel owners and operators.
Known as Beazley Cyber Defence for Marine, the new offering offers protection against physical damage and loss of hire in case a cyber-attack impacts a vessel’s operational capabilities.
Beazley marine cyber cover:
The product also offers risk management services to vessel owners and operators and helps them to prevent any possibility of cyber incident.
Additionally, the cyber coverage helps marine companies to comply with forthcoming International Maritime Organization (IMO) guidelines.
Vessel owners and operators are required to implement necessary measures to manage cyber risk into their existing risk management processes, starting 1 January 2021.
The offering, according to Beazley, focuses on the operational technology of vessels, and also matches with its other marine products and existing cyber cover for information technology systems.
The product can be purchased on a standalone basis or as part of a package.
Beazley head of hull and war Richard Young said: “Ship owners and operators are dealing with the increased threat of cyber-attack as well as the impact of human error and increasingly interlinked vessel operating technology and IT systems.
“Our preparation services reduce the risk of an incident occurring and the indemnity provides owners with clear cover and limits. Should the worst happen and a cyber-incident impacts the smooth running of vessels, clients can be confident they are protected with affirmative cyber cover.”
In March, Beazley added a number of features to its cyber insurance product to provide enhanced coverage to UK businesses against a cyber-attack.